Red Stone Equity Partners Closes $131.3-Million LIHTC Fund
October 6, 2014
NEW YORK, NY, October 7, 2014 – Red Stone Equity Partners, LLC ("Red Stone"), a privately-owned real estate finance and investment company that provides innovative financial products and services to the multifamily housing industry, today announced the closing of Red Stone - 2014 National Fund, L.P. (“Fund”), a $131.3-million multi-investor Low Income Housing Tax Credit ("LIHTC") investment fund. The Fund’s proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation of more than 2,000 units of affordable rental housing across 19 properties located in 12 different states. Each property will make affordable housing available to low income families and/or seniors.
“We are pleased to announce the closing of Red Stone’s fourth multi-investor LIHTC fund in as many years and which welcomes three new investors to our family of LIHTC funds, along with five repeat Red Stone investors,” said Ryan P. Sfreddo, Red Stone’s Managing Director of Investor Relations. “This Fund will provide the investment capital needed to build or preserve quality affordable housing to thousands of people in need from Michigan to Miami.”
“Strong investor demand across nearly all regional markets have made it challenging to find high-quality LIHTC product at tenable price points,” states Eric McClelland, President and co-founder of Red Stone. “The successful execution of this Fund, despite these pressures, demonstrates Red Stone’s ability to creatively structure transactions to satisfy our developer clients’ capital needs, while providing strong, yield-appropriate product to our investor clients.” Mr. McClelland continues, “Overall, Red Stone has now raised and invested more than $2 billion to finance the development of more than 14,000 units of affordable housing since 2008.”
About Red Stone Equity Partners
Red Stone Equity Partners, LLC is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits to facilitate affordable housing development. Red Stone builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients. Its senior management represents more than 75 years of tax credit equity syndication experience, involving the acquisition and syndication of approximately $10 billion of tax credit equity. Red Stone Equity Partners is headquartered in Cleveland, OH, with regional offices in Charlotte, Chicago, Columbus, Los Angeles, and New York.